[0:00] Black screen with occasional specks of white.
[0:03] Footage of a young boy with a video camera. He adjusts the light on the camera.
[0.07] White text on black "one day you will understand".
[0:11] Frame of white.
[0:11] Footage of children in a classroom watching a projected movie with the words "secrets everywhere"
[0:15] Footage of a paper theatre with the words "liars everywhere". There are three characters, one hanging upside down from a tree. The second character leaves the frame at 0:18.
[0:20] Another classroom of children with the text "look closely and you will know". The top half of the image is distorted.
[0:22] Out of focus footage of a lake and woods. There is a spider on the camera lens.
[0:25] Footage of a vehicle driving down a road in a residential area to a large building at the end of the road.
[0:29] Footage of a boy with a slide projector looking at an image, with the words "see you soon".
[0:33] Frames of a tall figure silhouetted in a doorway with the text "he's watching".
[0:34-0:37] Black screen with occasional specks of white.

Main Theories and Observations

Further Speculation

"He's watching you" might refer to either Alex or the Operator (who seems to be shown in the single-frame before the video goes black). ~mytyde

Random thought. What if "see you soon" is actually Tim to Jay, seeing as how he may be lying about not knowing anything about the masked man, OR watching the tapes. Knowing that Jay will watch the tapes, and seek out the hospital. Which also could have something to do with "HE WILL LEAD ME TO YOU" in ATT's "Decay" video. Or, It could be Tim to Alex, which could also do something with "HE WILL LEAD ME TO YOU" - glas